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Macy’s fell about 4% after reporting second-quarter fiscal 2026 results that beat Wall Street estimates but guiding third-quarter adjusted loss wider than expected. Adjusted EPS was 40 cents, excluding a 23-cent tariff refund benefit, and sales rose 1.1% to $4.866 billion.
After the producer price index release, fed fund futures were indicating about a 70% probability of a rate hike next week. Headline PPI was 0.4% versus 0.4% consensus, while core PPI was 0.2% versus 0.3% consensus.
S&P 500 Stocks UP
Paul Krugman wrote that rising borrowing costs are a worldwide phenomenon tied to a surge in AI investment and corporate demand for funds. He said he does not think the Trump administration is responsible for high long-term rates and criticized Treasury Secretary Scott Bessent’s efforts to suppress yields.
Bitcoin fell to $77,000 after August PPI inflation came in hotter than expected, with headline PPI at 5.4% year over year versus 5.3% estimated. The report also cited more than $190 million in long liquidations within 60 minutes and said July PPI figures were revised higher.
August producer prices rose 5.4% year over year, above the 5.3% consensus, and the monthly rate accelerated to 0.4% from 0.1% in July. Gold, precious metals miners and freight names fell after the report, with spot gold near $4,342 an ounce and the 10-year Treasury yield at 4.90%.